Perella Weinberg HF up 24% this year

July 18 (Bloomberg) -- Perella Weinberg Partners' Xerion hedge fund rose 24 percent this year on distressed investments and wagers that the debt of financial-services firms would fall, according to a letter sent to investors.

The $837 million fund, which invests in the shares and debt of troubled companies, has outperformed competitors, which have lost 1.6 percent on average in the first half of 2008, according to Chicago-based Hedge Fund Research Inc.